Riyadh - Mubasher: The Saudi Arabian Monetary Authority (SAMA) has approved the request of Saudi Indian Company for Cooperative Insurance (Wafa Insurance) to reduce its capital by SAR 833 million.
The company in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that the letter of approval included a condition of fulfilling all of the authorities’ requirements and assure adherence to related rules and regulations.
Wafa’s board of directors recommended in March reducing the company’s capital by 40.49% to SAR 122 million.
Wafa’s board of directors attributed the decision to restructuring the company’s capital in order to offset some losses, with the aim of supporting future growth.
The capital cut will have no effects on the company’s financial obligations, the company previously stated.
